City Chennai Financial News

Tamil Nadu Chief Minister MK Stalin on Friday said that the state has secured MOUs (memorandum of understanding), worth Rs 850 crores with US-based companies Lincoln Electric, Vishay Precision, and Visteon. In a post on the social media platform «X», the Tamil Nadu CM said, «In the land of opportunities, every new dawn ignites fresh hopes. We've secured MoUs worth Rs850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality.» On Thursday, Tamil Nadu secured a Rs 2000 crore Memorandum of Understanding (MoU) with Trilliant to establish a manufacturing unit as well as create their Development and Global Support Centre in the state.

finance minister Nirmala Sitharaman Thursday said there was no «friction» in the ties between the Centre and states over Goods and Services Tax and emphasised that the federal structure in this economic reform should be respected. «I completely deny that there's a lot of friction in the GST relationship with states,» Sitharaman said at 'The Finance Minister's Insight: Path Forward', held under the aegis of the Revenue Bar Association, in Chennai. «The Centre is not extracting revenue from states.» She also said simplifying and easing compliance on the taxpayers received top priority rather than raising revenue during all consultative meetings on the union budget.

Indian Premier League (IPL) franchises more than doubled their revenues for the year ended March 2024, with significant improvements in profitability, largely on the back of increased share from the league’s central revenue pool during IPL 2023. The 10 teams collectively received Rs 4,670 crore from the Board of Control for Cricket in India (BCCI) for the IPL 2023 compared to Rs 2,205-crore share from the central pool for the IPL 2022, as per BCCI’s annual report for FY23. “The first eight IPL franchisees have been profitable for more than eight years now and their profits have significantly increased in FY24, and are expected to be at that level going forward due to the media rights renewal in 2022 and the resulting increase in the central pool,” D and P Advisory managing partner Santosh N said.

complemented by M-specific front and rear door sill finishers, a high-gloss black rear diffuser, and stylish daytime running lights integrated with turn indicators. Available in a range of colors including Mineral White, Skyscraper Grey, Carbon Black, and Portimao Blue, the M Sport Pro Edition aims to make a strong visual statement.Priced at ₹65 lakh (ex-showroom, India), this diesel variant costs ₹3 lakh more than the BMW 320Ld M Sport, positioning it as a premium offering.

bromance brewing in politics? The brotherly bonding between Tamil Nadu Chief Minister MK Stalin and Congress supremo Rahul Gandhi has won hearts across the Internet. Stalin, who is currently in the United States to attract investments for Tamil Nadu, recently shared a clip of him cycling through the streets of Chicago on his X handle. The tranquil setting, along with Stalin's caption, «Evening’s calm sets the stage for new dreams,» captured widespread interest, including that of Rahul Gandhi. Reacting to the serene video, Gandhi wrote, «Brother, when are we cycling together in Chennai?». Stalin was quick to return the sentiment and invited Gandhi for a ride and a meal at his home, “Dear brother @RahulGandhi, whenever you’re free, let’s ride and explore the heart of Chennai together! A box of sweets is still pending from my side. After our cycling, let’s enjoy a delicious South Indian lunch with sweets at my home.”

Ganesh Chaturthi, one of the most significant Hindu festivals, will be observed on Saturday, September 7, 2024. The festival, celebrated with great fervor across India, marks the birthday of Lord Ganesha, the deity of wisdom and prosperity. Devotees engage in various rituals, including Puja and offering Bhog, to seek the blessings of Lord Ganesha for a prosperous and obstacle-free life.

Indian Americans are in the spotlight in the US presidential election. Pro-Trump Vivek Ramaswamy and Usha Chilukuri Vance, the wife of Republican Party vice-presidential nominee JD Vance, have created waves in the media. But the focus of Indian Americans is Democratic presidential nominee Kamala Harris, a Baptist Christian married to a Jew who was born to a Jamaican-born father and an Indian-born mother. Many see the possible victory of Harris as a victory of American Indians, even though Harris rarely talks about her Indian roots.

Reserve Bank of India (RBI) on Monday said 97.96 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. «Thus, 97.96 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,» it said in a statement.

Rajinikanth’s ‘Coolie’ is one of the most anticipated films in Tamil cinema. It looks like the magnum opus will have a spectacular ensemble cast! According to reports, many bigwigs, such as Telegu icon Nagarjuna, and actress Shruti Hassan, will be associated with the project. On Nagarjuna's 69th birthday, the filmmakers revealed his official poster from the movie, introducing his character with the message, «Kicked to have King Nagarjuna Sir joining the cast of Coolie as Simon. Welcome on board and wishing you a very happy birthday Sir.» Director Lokesh Kanagaraj also shared a poster featuring Shruti Haasan, announcing on X (formerly Twitter), «Kicked to have Shruti Haasan joining the cast of Coolie as Preethi. Welcome on board.» Prior to that, Lokesh Kanagaraj welcomed Soubin Shahir to the team, announcing on X, «Thrilled to have Soubin Shahir Sir join the cast of Coolie as Dayal. Welcome aboard, Sir.»

Indian Railways has announced the operation of numerous special trains. The move aims to accommodate the rush during Diwali, Durga Puja, Ganesh Chaturthi, Onam, and Chhath Puja.

MoU (Memorandum of Understanding) with search giant Google to set up the 'Tamil Nadu AI Labs' in Chennai. The MoU was signed as part of the TN CM MK Stalin's 17-day visit to the United States to garner fresh investments. «Say hello to what I would like to call 'Chenn.ai,'» Industrie Minister Dr TRB Rajaa said in a post on X (formerly Twitter). «With this partnership we aim to skill 2 million youngsters in AI via Naan Mudhalvan, collaborate with startups, and enable MSMEs and the rural economy. We want our youth to be a future-ready workforce.»

Mumbai: The all-India House Price Index (HPI) moderated to 3.3 per cent in the June quarter of 2024-25 from 5.1 per cent in the year-ago period, according to data released by the Reserve Bank of India on Friday. The RBI releases HPI-based on transaction-level data received from the registration authorities in 10 major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai. «All-India HPI increased by 3.3 per cent (y-o-y) in Q1:2024-25 as compared to 4.1 per cent growth in the previous quarter and 5.1 per cent a year ago; annual HPI growth varied widely across the cities — ranging from a high of 8.9 per cent (Kolkata) to a low of (-)1.7 per cent (Delhi),» the central bank said.

Icra Ltd. This, he said, was largely attributable to rising demand for international travel for leisure, jobs—primarily in the Middle East—and studies. India's aviation market—the world's third largest and also the fastest growing—is on the cusp of a boom as the economy expands and incomes rise, prompting airlines to add capacity.

Applied Materials will be signing a Memorandum of Understanding (MoU) with the Tamil Nadu government on Friday to establish an advanced AI-enabled technology development Center of Excellence focused on semiconductor manufacturing and equipment in Taramani, Chennai. The MoU is to be signed in San Francisco in the presence of the Tamil Nadu Chief Minister, MK Stalin and President of the Semiconductor Products Group at Applied Materials, Dr. Prabu Raja. “Investment in key sectors such as advanced electronics and semiconductors will help us achieve the $1 trillion economy goal by 2030. We want to make Tamil Nadu the most advanced knowledge and innovation hub in South Asia,” Tamil Nadu Chief Minister MK Stalin said in a statement.

has offered about 2,000 acres of land to Taiwanese contract manufacturer Foxconn to set up a 'Foxconn City', similar to its facilities in its home country and China. Karnataka and Tamil Nadu are also aggressively courting the company to set up the industrial township. As India's place gets cemented into Foxconn's future plans, here's a look at major expansion announcements made by the company recently: Total investment: Foxconn has invested $1.4 billion in India till date. Chairman Young Liu, a Padma Bhushan awardee, said India is an integral partner for the company and its business here has grown to over $10 billion till 2024.

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has divested its investment in a 49-acre plotted development project developed by Shriram Properties. The domestic alternative investment fund had invested Rs 85 crore in Shriram Pristine Estates in Bengaluru, from ASK Real Estate Special Opportunities Fund IV (RESOF IV) fund in 2022. The exit from the investment yielded an internal rate of return (IRR) of 20% and an investment multiple of 1.24x on their quasi-equity investment in less than 18-months. “This investment is a classic example of an opportunity arising from industry consolidation, as robust sales ensured a successful exit for us. This is part of our platform agreement with Shriram Properties, and we intend to actively participate in their expansion and growth in the near future. Lakshmipathi Chockalingam, Managing Partner-South, ASK Property Fund.

Although the wait time for US visitor visa appointments in India has decreased from a peak of 999 days at the end of 2021, it still exceeds a year. The US Department of State website Friday showed wait times for B1/B2 visa interview at 459 days in Chennai; 450 in Mumbai; 407 in Hyderabad; 381 in Kolkata and 379 in Delhi.

Sri Lanka will take part in a bike expedition in October this year along the Buddhist Circuit 'tracing the footsteps of enlightenment.' Organized jointly by the governments of all three nations and the Royal Thai Monastery, the bike expedition will start from Lumbini, Nepal and end in Colombo, Sri Lanka. «This is a historical bike expedition between the tri-nations; India, Nepal and Sri Lanka. This is a Buddha Circuit bike expedition starting from Lumbini to Colombo which covers the seven states of India, namely: UP, Bihar, Jharkhand, Bengal, Odisha, Telangana and Tamil Nadu,» Rahul Patil, co-convener of the Heartfulness Buddha Circuit Ride told ANI.

Raveendran, the embattled founder of Byju's, appeared close to settling his company's payment dispute of Rs 158 crore with the Indian cricket board after approval by the National Company Law Appellate Tribunal (NCLAT). However, on August 14, theSupreme Court intervened by staying the NCLAT order that had approved the settlement agreement between Think & Learn Pvt Ltd--Byju's parent company--and the Board of Control for Cricket in India (BCCI), adding to the woes of the troubled edtech firm. On Thursday, the apex court rejected pleas by Byju's and BCCI to halt a meeting of the Committee of Creditors (CoC) in its ongoing insolvency case. The court will hear the matter next on August 27.

Diana Pundole, a devoted mother of two and a dedicated teacher from Pune, has shattered the glass ceiling by claiming the national championship title in the saloon category at the MRF Indian National Car Racing Championship 2024, held in Chennai. Diana's journey to the top is nothing short of extraordinary. Her passion for racing ignited eight years ago when she received an unexpected call from Coimbatore inviting her to participate in a car racing championship. At that time, she was one of 200 women selected from across India to undergo rigorous trials as part of a national talent hunt. Despite facing skepticism and numerous challenges, Diana's determination propelled her forward, eventually earning her a spot among the top six contenders.

WhatsApp message has sparked widespread debate, revealing a groom's extensive list of expectations for his prospective medico bride. The groom, reportedly a PhD and gold medalist, outlined his preferences in a detailed and, to many, controversial manner. His demands include a bride with a BMI under 24 who can manage all household duties without any help, while treating her job as optional. Singer Chinmayi Sripaada highlighted the viral post on X, stating, «This is the exact List Of Requirements that a Groom sent to a prospective bride who is a Medico. Groom is a PhD and Gold Medallist apparently. LOL.» The list begins with, “About Bride — Should be graceful, competent, and smart enough to handle her home and family matters. She should be vibrant and energetic, bringing color, variety, and liveliness through her physical contribution to the family’s lifestyle, including food, clothing, and overall well-being. Ideally, she should be within a 24 BMI.”